Contact
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
Key regions: United States, United Kingdom, Worldwide, United Kingdom, Australia
The Spirits market in Bulgaria has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends, and local special circumstances.
Customer preferences: Bulgarian consumers are increasingly turning to premium spirits, such as whiskey, vodka, and rum. This shift in preferences can be attributed to the rising disposable incomes and the desire for higher quality products. Additionally, there is a growing interest in craft spirits, as consumers seek unique and artisanal offerings.
Trends in the market: One of the key trends in the Bulgarian spirits market is the increasing popularity of flavored spirits. Flavored vodka, in particular, has gained traction among consumers, with a wide range of flavors available in the market. This trend is driven by the desire for variety and experimentation, as consumers seek new and exciting taste experiences. Another trend in the market is the growing demand for organic and natural spirits. As consumers become more health-conscious and environmentally aware, there is a rising preference for products that are made using organic ingredients and sustainable production methods. This trend is expected to continue driving the growth of the organic spirits segment in Bulgaria.
Local special circumstances: Bulgaria has a rich tradition of wine production, and this cultural heritage has influenced the spirits market in the country. Many Bulgarian distilleries use traditional winemaking techniques and local ingredients to produce spirits with unique flavors and characteristics. This local special circumstance contributes to the diversity and authenticity of the Bulgarian spirits market, attracting both domestic and international consumers.
Underlying macroeconomic factors: The growth of the spirits market in Bulgaria can also be attributed to favorable macroeconomic factors. The country has experienced steady economic growth in recent years, leading to higher disposable incomes and increased consumer spending. Additionally, Bulgaria's membership in the European Union has facilitated trade and investment, creating a favorable business environment for the spirits industry. These macroeconomic factors have contributed to the overall development and expansion of the spirits market in Bulgaria.
Data coverage:
The data encompasses B2C enterprises. The at-home market covers retail sales via super- and hypermarkets, eCommerce, convenience stores, or similar sales channels. The out-of-home data encompasses all sales to hotels, restaurants, catering, cafés, bars, and similar hospitality service establishments. Combined numbers encompass both the at-home market and the out-of-home market. Both the at-home and the out-of-home market are valued at retail selling prices including all sales and consumption taxes.
Modeling approach:
Market sizes are determined through a Top-Down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending (e.g. consumer spending on alcoholic beverages, consumer spending at Hotels, Restaurants etc.), and price level index. This data helps us estimate the market size for each country individually.
Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Alcoholic Drinks market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.
Additional notes:
The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)